In the previous session, the Nifty Index closed with a net loss of 143.60 points. The index prices have been moving in lower highs and lower lows formation. In the last session, the Nifty index saw a gap down opening in the morning and extended losses as the day progressed. However, in the last trading hour we have seen some recovery in the Nifty Index.Technically, the Index formed a Bearish candle on the chart. The market has been showing a stock specific movement since the past few days. Hence, we recommend continuing to approach the markets in the same way.
Look at the below research report of ‘Stocks to Buy for – Friday, November 12, 2021’ before the market opens.
NSE :MINDTREE BSE :532819 Sector : IT – Software
On the daily chart, we can see that prices have formed a ‘Ascending Triangle Pattern’. Since a few trading sessions, prices are moving near the neckline of the pattern, which has now become an important key resistance line for the stock. Any closing above 4950 level will confirm the breakout.Prices are comfortably close near the Parabolic SAR which suggest a bullish trend is intact and we can expect upside momentum to continue from support levels. The Relative Strength Index (RSI) on the daily chart is 65.65; which indicates bullishness.
In short, Mindtree has continued to trade in the positive zone. Now a move above 4950 will confirm the uptrend and open up gates for higher levels towards 5400 level. As far as we do not see any closing below 4650 on the lower side.
Check More Analysis on MINDTREE at: Mindtree Ltd